STAGECOACH chief executive Martin Griffiths has seen a bumper rise in its annual pay package as the transport giant scales back its participation in major UK rail franchises.
Mr Griffiths received remuneration totalling £1.8 million for the year ended April 27, with earnings boosted by a short-term, performance-related bonus of £848,000, according to the group’s 2019 annual report, published yesterday. His remuneration totalled £987,000 the year before.
Transport giant Stagecoach signals end to UK rail bids
Finance chief Ross Paterson also saw his 2019 remuneration boosted by a performance-linked bonus of £565,000, which took his total pay package to £1.22m.
The earnings for the group’s top executives emerged at a tumultuous time for Stagecoach, which revealed its intention to effectively withdraw from bidding for major rail contracts in June.
Stagecoach raises stakes in rail fight with Government
The dramatic move came amid legal action being taken by the Perth-based group against the UK Government, which follows the decision by the Department for Transport (DfT) to disqualify its bids for three major rail franchises – East Midlands, West Coast Partnership and South Eastern.
In June, Stagecoach reported profits of £101.2m for year ended April 27, up from £77.6m.
The period saw it complete the $271m sale of its North American division.